Order and Trading Rules
Trading Hours
A-Shares
Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect are available only on days when all 3 markets, Shanghai, Shenzhen, and Hong Kong, are open.
Morning session: 9:30-11:30; afternoon session: 13:00-15:00
US Stocks
Trading sessions:
| Time Zone/Period | Pre-market | Market Hours | After-hours | Overnight Trading |
|---|---|---|---|---|
| Eastern Time (ET) | 04:00 – 09:30 | 09:30 – 16:00 | 16:00 – 20:00 | 20:00 – 04:00 |
| Beijing Time (Daylight Saving) | 16:00 – 21:30 | 21:30 – 04:00 | 04:00 – 08:00 | 08:00 – 16:00 |
| Beijing Time (Standard) | 17:00 – 22:30 | 22:30 – 05:00 | 05:00 – 09:00 | 09:00 – 17:00 |
Daylight Saving Time: US Eastern Daylight Time runs from the second Sunday in March through the first Sunday in November. Beijing is 12 hours ahead of Eastern Time during daylight saving time and 13 hours ahead during standard time.
Hong Kong Stocks
Pre-Market Session
| Period | Trading Rules |
|---|---|
| Order Input Period 9:00-9:15 | Auction market orders and auction limit orders may be submitted, modified, or canceled. |
| Non-cancellation Period 9:15-9:20 | Auction market orders and auction limit orders may be submitted but cannot be modified or canceled. |
| Random Matching Period 9:20-9:22 (matching starts randomly between 9:20-9:22 based on final reference equilibrium price) | Orders are matched for the auction session. |
| Suspension Period, end of random matching-9:30 | The system cancels unfilled auction orders. Unfilled auction limit orders are converted to limit orders and carried forward to the continuous trading session, provided that their entered prices do not differ from the nominal price by a factor of 9 or more. |
Continuous Trading Session
| Period | Time |
|---|---|
| Morning Session | 9:30-12:00 |
| Lunch Break | 12:00-13:00 |
| Afternoon Session | 13:00-16:00 |
Note: Orders cannot be modified during the lunch break, but they may be canceled from 12:30-13:00.
Closing Auction Trading Session
| Period | Trading Rules |
|---|---|
| Closing Auction Session 16:00-16:01 | The reference price is calculated and published; orders cannot be submitted. |
| Order Input 16:01-16:06 | Auction market orders and auction limit orders may be submitted, modified, or canceled. The price of an auction limit order must be within ±5% of the reference price. |
| Non-cancellation 16:06-16:08 | Auction market orders and auction limit orders may be submitted but cannot be modified or canceled. The entered price for an auction limit order must be between the lowest ask and highest bid. |
| Random Closing 16:08-16:10 | During the random closing period, auction market orders and auction limit orders may still be submitted but cannot be modified or canceled. The entered price for an auction limit order must be between the lowest ask and highest bid. |
Singapore
| Period | Full Day Trading | Half Day Trading |
|---|---|---|
| Opening Hours | ||
| Pre-opening | 8:30 - 8:58/ 8:59* | 8:30 - 8:58 /8:59* |
| Non-cancellation | 8:58 / 8:59 - 9:00 | 8:58 / 8:59 - 9:00 |
| Trading | 9:00 - 12:00 | 9:00 - 12:00 |
| Lunch Break | ||
| Pre-opening | 12:00 - 12:58 / 12:59* | |
| Non-cancellation | 12:58 / 12:59 - 13:00 | |
| Trading | 13:00 - 17:00 | |
| Closing Hours | ||
| Pre-closing | 17:00 - 17:04 / 17:05* | 12:00 - 12:04 / 12:05* |
| Non-cancellation | 17:04/ 17:05* - 17:06 | 12:04 / 12:05* - 12:06 |
| Pre-closing Trading | 17:06 - 17:16 | 12:06 - 12:16 |
| Market Close | 17:16 | 12:16 |
Australia
The Australian market is open Monday through Friday from 10am to 4pm Australian Eastern Standard Time.
Futures Trading Hours
Trading hours vary by futures product under exchange rules. Check the Tiger Trade app for details. Exchange announcements take precedence.
US Futures
Chicago Mercantile Exchange
| Product Type | Trading Hours |
|---|---|
| Stock Index Futures | Monday to Friday, 9:30 - 4:00 next day (closed break: 16:15 - 16:30) |
| Agricultural Futures | Monday to Friday, 9:30 - 2:00 next day (closed break: 13:15 - 14:00) |
| Energy Futures | Monday to Friday, 9:00 - 2:30 next day (closed break: 13:15 - 14:00) |
| Metal Futures | Monday to Friday, 8:00 - 1:00 next day (closed break: 13:15 - 14:00) |
Hong Kong Futures
| Product Type | Trading Hours |
|---|---|
| Hong Kong Futures | Monday to Friday, 9:00 - 16:30 |
Japan Futures
| Product Type | Trading Hours |
|---|---|
| Japan Futures | Monday to Friday, 8:45 - 15:30 |
Singapore Futures
| Product Type | Trading Hours |
|---|---|
| Singapore Futures | Monday to Friday, 9:00 - 17:15 |
The trading hours above are for reference only and may change because of seasonal schedules, holidays, or other factors. Before trading, verify the current schedule in official announcements from the relevant exchange.
Order Types
| Order Type | Description |
|---|---|
| Market Order | Executes at the best available market price without requiring a specified price. Market orders may execute quickly, but the execution price is not guaranteed. In a fast-moving or illiquid market, the execution price may be substantially higher or lower than expected. Evaluate this risk before placing an order. |
| Limit Order | Executes only at the specified limit price or a better price. A limit order controls the acceptable execution-price range but may not be filled if the market does not reach the limit price. |
| Stop Order | Triggers a market order when the stock reaches or passes the specified stop price. It may help protect profits or limit losses, but triggering the order does not guarantee execution. Insufficient buying power, insufficient positions, or other account restrictions may prevent the subsequent market order from being placed. |
| Stop Limit Order | Specifies both a stop price and a limit price. When the stock reaches the stop price, the system submits a limit order. This limits deviation from the expected stop price, but the order may remain unfilled if the price moves rapidly beyond the limit price, allowing losses to continue. Some securities do not support stop-limit orders. |
| Trailing Stop Order | Uses a trailing amount or percentage to adjust the stop trigger price as the market moves. When the market reaches the trigger price, the system submits a market order to close the position. The trigger follows favorable price movements, helping limit potential losses without capping potential gains. Execution at a specific price is not guaranteed and may differ substantially from the trigger price. |
| Attached Order | Adds sub-orders to a primary order to take profit or limit losses. Available sub-orders include limit orders for taking profit and stop or stop-limit orders for limiting losses. |
| Algorithm Order-TWAP | The Time Weighted Average Price algorithm divides an order over time to reduce market impact and potentially lower the average execution price. It is useful when time-based market volume cannot be estimated accurately. |
| Algorithm Order-VWAP | The Volume Weighted Average Price algorithm divides a large order into batches over a specified period, aiming for an average execution price close to the market's volume-weighted average price during that period. |
Order Types Supported by Each Market
United States
Stocks, ETFs
| Order Type | Duration | Regular Session | Pre-Market and After-Hours | Overnight Trading | 24-Hour Trading | Pre-Placed Orders |
|---|---|---|---|---|---|---|
| Limit Order | DAY/GTC | ✓ | ✓ | ✓ | ✓ | ✓ |
| Market Order | DAY | ✓ | × | × | × | × |
| Stop Limit Order | DAY/GTC | ✓ | ✓ | × | × | ✓ |
| Stop Order | DAY/GTC | ✓ | × | × | × | ✓ |
| Conditional Order | DAY/GTC | ✓ | × | × | × | × |
| Attached Order | DAY/GTC | ✓ | × | ✓ | ✓ | × |
| Bracket Order | DAY/GTC | ✓ | ✓ | × | × | ✓ |
| Trailing Stop Order | DAY/GTC | ✓ | × | × | × | × |
| TWAP/VWAP Orders | Based on order type | ✓ | × | × | × | × |
Options
| Order Type | Duration | During Market | Pre-placed Orders |
|---|---|---|---|
| Limit Order | DAY/GTC | ✓ | ✓ |
| Market Order | DAY | ✓ | × |
| Stop Limit Order | DAY/GTC | ✓ | ✓ |
| Bracket Order | DAY/GTC | ✓ | ✓ |
| Attached Order | Based on order type | ✓ | × |
Futures
| Order Type | Duration | During Market | Pre-placed Orders |
|---|---|---|---|
| Limit Order | DAY/GTC | ✓ | ✓ |
| Market Order | DAY/GTC | ✓ | × |
| Stop Limit Order | DAY/GTC | ✓ | ✓ |
| Stop Order | DAY/GTC | ✓ | ✓ |
| Conditional Order | DAY/GTC | ✓ | × |
| Attached Order | DAY/GTC | ✓ | × |
| Bracket Order | DAY/GTC | ✓ | × |
Hong Kong
Pre-placed orders are not accepted during the safety period after the market closes.
Stocks, ETFs
| Order Type | Duration | During Market | Pre-placed Orders |
|---|---|---|---|
| Limit Order | DAY/GTC | ✓ | ✓ |
| Market Order | DAY/GTC | ✓ | × |
| Stop Limit Order | DAY/GTC | ✓ | ✓ |
| Stop Order | DAY/GTC | ✓ | ✓ |
| Conditional Order | DAY/GTC | ✓ | × |
| Attached Order | DAY/GTC | ✓ | ✓ |
| Bracket Order | DAY/GTC | ✓ | ✓ |
| Pre-market Auction Order | OPG (opening)/DAY (closing) | ✓ | × |
| Trailing Stop Order | Based on order type | ✓ | × |
| TWAP/VWAP Orders | Based on order type | ✓ | × |
Options
| Order Type | Duration | During Market | Pre-placed Orders |
|---|---|---|---|
| Limit Order | DAY/GTC | ✓ | ✓ |
| Market Order | DAY | ✓ | × |
| Stop Limit Order | DAY/GTC | ✓ | ✓ |
| Stop Order | DAY/GTC | ✓ | ✓ |
Warrants, CBBCs
| Order Type | Duration | During Market | Pre-placed Orders |
|---|---|---|---|
| Limit Order | DAY/GTC | ✓ | ✓ |
| Stop Limit Order | DAY/GTC | ✓ | × |
| Conditional Order | DAY/GTC | ✓ | × |
| Attached Order | Based on order type | ✓ | × |
| Bracket Order | Based on order type | ✓ | × |
Singapore
Pre-placed orders are not accepted during the safety period after the market closes.
Stocks, ETFs
| Order Type | Duration | During Market |
|---|---|---|
| Limit Order | DAY/GTC | ✓ |
| Market Order | DAY/GTC | ✓ |
| Stop Limit Order | DAY/GTC | ✓ |
| Stop Order | DAY/GTC | ✓ |
| Conditional Order | DAY/GTC | ✓ |
| Attached Order | DAY/GTC | ✓ |
| Bracket Order | DAY/GTC | ✓ |
| Trailing Stop Order | DAY/GTC | ✓ |
Australia
Pre-placed orders are not accepted during the safety period after the market closes.
Stocks, ETFs
| Order Type | Duration | During Market |
|---|---|---|
| Limit Order | DAY/GTC | ✓ |
| Market Order | DAY/GTC | ✓ |
| Stop Limit Order | DAY/GTC | ✓ |
| Stop Order | DAY/GTC | ✓ |
| Conditional Order | DAY/GTC | ✓ |
| Attached Order | DAY/GTC | ✓ |
| Bracket Order | DAY/GTC | ✓ |
| Trailing Stop Order | DAY/GTC | ✓ |
Updated 15 days ago
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